Arbit’s fundraise on MicroVentures ends at midnight on Tuesday, November 7. If you haven’t invested yet, this is a reminder that time is running out.
We recommended Arbit in mid-October, and in a short amount of time it has nearly completed its raise goal of $700,000.
Combining social engagement with a powerful analytics layer, Baltimore-based Arbit gives athletes, celebrities and brands instantaneous answers to any questions they may have via side-by-side picture polling.
Arbit knew it was onto something potentially game-changing when every NBA player it reached out to quickly adopted it on their own social media sites. Several became investors. (Steph Curry of the Golden State Warriors is just the latest to show interest.)
At around the same time, Arbit was accepted into Baltimore’s coveted accelerator program. While in the program, Arbit launched its polling app. It attracted a base of 100,000 users in a little more than half a year.
Then there was Google…
Every quarter, Google selects two or three apps to work with closely. This current quarter, it chose Arbit.
But, as far as I’m concerned, the most important investor confirmation came when Arbit got positive feedback from Under Armour’s VC arm.
These guys have high standards. They encouraged Arbit to continue on its current path.
I’m equally excited, which is why I chose to recommend Arbit to First Stage Investor members.
To learn more and to get step-by-step instructions on how to invest in Arbit, read our original recommendation here.
The deal terms are below.
Minimum investment: $100
Investment type: Crowd SAFE (convertible note)
Valuation cap: $5 million
Discount: 20%
Deadline: November 7, 2017
Investment portal: MicroVentures
Conversion provisions: In connection with an equity financing of at least $1 million, the company has the option to convert the Crowd SAFE into shares of a series of non-voting preferred stock, at a discount of 20% of the price per share of the new preferred stock sold in the equity financing or a valuation cap of $5 million, whichever results in a lower conversion price. Please refer to the Crowd SAFE form for a complete description of the terms of the Crowd SAFE, including the conversion provisions.
Good investing,
Andy Gordon
Co-Founder, First Stage Investor